BANKING ANALYTICS

Ranking of the Azerbaijani banking sector (ranking includes the information component of the banking sector, the main events of the world economy, the analytical review of the main indices of the banks which are being ranked)

Goldman Sachs predicts oil production decline in Kazakhstan

US Goldman Sachs analysts predict a decrease in oil production up to 1.605 million barrels per day (bpd) in Kazakhstan in 2016 and 2017, the bank's report obtained by Trend said.

The oil production reduced up to 1.656 million bpd in Kazakhstan in 2015 compared to 1.691 million bpd in 2014.

The bank predicts the maximum level of oil production at the level of 1.645 million bpd in Kazakhstan in the first quarter of 2016. The production is projected at 1.59 million bpd, 1.57 million bpd and 1.615 million bpd in the second, third and fourth quarters respectively.

Earlier, in its January short-term forecast, the US Energy Information Administration (EIA) predicted the oil production in Kazakhstan at 1.72 million bpd in 2016 and 1.75 million bpd in 2017.

According to BP, the proven oil reserves are estimated at $30 billion barrels in Kazakhstan in early 2015.

Tengiz, Karachaganak and Kashagan are the largest oil fields in Kazakhstan.